ECO1010F and ECO1008F*
Course Information Document, First Semester 2025
Please make sure that you read this document very carefully.
It contains very important material.
The ECO1010F Team
eco1010f@uct.ac.za
* Please note that the ECO1008F course is identical to the ECO1010F
course in all respects. To avoid unnecessary duplication, we do not
explicitly refer to the ECO1008F in this document, but any reference
to ECO1010F implies ECO1008F as well.
Contents
INTRODUCTION ...................................................................................................................................... 2
OVERVIEW .............................................................................................................................................. 3
TEACHING STRATEGY ............................................................................................................................. 3
LECTURES ............................................................................................................................................ 3
THE TEXTBOOK AND THE CONNECT PLATFORM ................................................................................. 4
WHITEBOARD SESSIONS...................................................................................................................... 5
METHODS OF ASSESSMENT ................................................................................................................... 6
TESTS ................................................................................................................................................... 6
EXAMINATIONS, SUPPLEMENTARY EXAMINATIONS and DEFERRED EXAMINATIONS ....................... 7
CALCULATION OF YEAR MARK ............................................................................................................... 8
DULY PERFORMED (DP) REQUIREMENTS .............................................................................................. 8
STAFF CONTACT DETAILS ....................................................................................................................... 9
GENERAL INFORMATION ....................................................................................................................... 9
Consultation & queries ........................................................................................................................ 9
Communication with students .......................................................................................................... 10
Some Terms and Conditions for this course ...................................................................................... 10
SOME COMMENTS ON MENTAL HEALTH ISSUES ................................................................................. 11
LECTURE SCHEDULE .............................................................................................................................. 14
Page 1 of 17
INTRODUCTION
Welcome to the ECO1010F course. This is your first course in Economics at the University of Cape
Town. Some of you may be apprehensive about studying Economics, because you may have heard
stories from your friends, or because you may not have done Economics at school. Do not worry! You
are not alone. Many students have been in your position before, and most have passed the course.
That does not mean that it is a walk in the park. It will require lots of work, but anyone who can make
it into university can pass this course.
This course outline specifically refers to the ECO1010F (mainstream) course. Closely aligned to this
course is the ECO1110F (EDU) course. The content of the two courses is identical, but some extra
support is provided for the ECO1110F course. If you are registered for ECO1010F, please make sure
that you look carefully at the ECO1010F site on Amathuba and announcements.
This course is designed to help you understand the core principles of microeconomics. The lecturers
have much experience in teaching the material. You can speak to your lecturers after the lecture or in
their office hours. You are strongly encouraged to engage with your tutors as well. Your lecturers and
tutors are here to help you make a success of this course and it is important that you also
communicate with your lecturer and especially your tutor if you are struggling. We will try our best
to assist you.
To maximise your chances of success, we suggest that you adhere to the following guidelines:
Attend lectures: At university, lectures form the backbone of the learning process. This is where the
lecturer will explain the concepts, and emphasise the important topics. If you follow the work in the
lecture, your studies will be so much easier. Nobody is going to check that you are attending lectures,
and the temptation to miss lectures, especially when you have tests, hand-ins, or other academic or
social commitments, is strong. Do not fall for the temptation! Even if you may not follow everything
in the lectures, attending them is an important discipline and will help you stay up to date.
Put in the requisite hours: Nothing in life comes for free. The cost of doing well (or even just
adequately) in your academic studies, is time and effort. There are typically four lectures and one
whiteboard session each week. Over and above that, we expect you to spend at least 4-5 hours
working through the material, preparing your submissions and getting to understand the work. This
time allocation might increase before the tests and exams, but if you have worked consistently during
the semester, your preparation time for the tests and exam will be substantially reduced.
Ask questions: Do not be shy to ask questions. Feel free to put your hand up in the lecture (and
especially in the whiteboard sessions) and ask the lecturer/tutor to explain the concept again. Do not
leave it until you study for the test. Many students will have similar questions to you but may be too
shy to ask. Most lecturers appreciate questions during the lecture. Asking questions at the whiteboard
sessions is particularly strongly encouraged.
Make use of the resources on Amathuba and Connect: The curriculum in 2025 has changed
substantially from previous years. We have used the Curriculum Open-access Resources in Economics
(CORE) for the past six years, but are now introducing a more traditional curriculum this year. In
addition to using a new textbook, the new curriculum uses a platform, called Connect, that has been
designed to support you in your learning. These resources will enable you to develop a good
understanding of the work, as well as give you some easy marks if you complete the Connect exercises.
Take them seriously.
Page 2 of 17
Make the best use of the whiteboard sessions and the tutorials: The whiteboard sessions, where you
and a small group of your fellow students sit/stand around a whiteboard and work through a set of
questions, offer you the opportunity to practice the theoretical concepts. Learning is an active process;
simply reading the material will not be enough to pass. You need to draw the diagrams and do the
calculations yourself. Practice, practice, practice! Experience has shown that students who work
diligently throughout the semester tend to perform much better in tests and the exam compared to
those who take a more casual approach.
Please note that ECO1010 will NOT be offered in the winter or the summer term. Should you fail the
course you will need to repeat it in the second semester of 2025 (ECO1010S) or the first semester of
2026 (ECO1010F).
OVERVIEW
This is an introductory course in microeconomics, which exposes you to a variety of microeconomic
concepts and theories as well as practical applications of these concepts. The course follows the
traditional pattern for a first-year micro-economics course. After introducing some important
concepts, we will take a quick economic history tour, and then introduce you to the main microeconomic concepts: demand and supply, elasticity, consumer theory, production and cost theory, and
the theory of the firm. We finish the course with a short introduction to game theory.
TEACHING STRATEGY
LECTURES
Lectures take place four times a day, four days a week. The standard lecture days are Tuesdays,
Wednesdays, Thursdays and Fridays. If, for whatever reason, a lecture cannot take place, this will be
announced on Amatuba.
The venues for the lectures are as follows. These venues may change, depending on the number of
students that have been allocated to the various classes.
Period
2
3
4
5
Time
09:00 – 09:45
10:00 – 10:45
11:00 – 11:45
12:00 – 12:45
Venue
PD Hahn lecture theatre 1
John Day, lecture theatre 1
John Day, lecture theatre 1
John Day, lecture theatre 1
Unless there is a technical error (or loadshedding), at least one lecture per day will be recorded and
the video will be made available on Amathuba. The video is not meant to be a replacement for the
lecture, but is an additional resource that you can use to go over some of the work that you may not
have followed in the lecture.
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THE TEXTBOOK AND THE CONNECT PLATFORM
The textbook for this course is a South Africanised version of an extremely popular and successful
introductory economics textbook by Campbell McConnell, Stanley Brue and Sean Flynn. The
international version is currently in its 23rd edition, having been published for the first time in 1960.
The textbook that we will be using is
Van Rensburg, JJ, McConnell, C, Brue, S and Flynn, S, Economics: A Southern African Context, third
edition, 2022.
The editors of the book, McGraw Hill, have graciously provided each of you with free electronic copies
of the textbook, together with all the support material that you require to be successful in this course.
The textbook and the support material is all available on the Connect platform. This platform is
embedded in Amathuba. In the first week of classes, Jacques Greyling, the Customer Success
Consultant at McGraw Hill, will be at UCT and will explain to you how the platform works.
One of the many features of the Connect platform is that you can monitor your own progress and get
feedback on your understanding of the work. In order to encourage you to stay up to date, we will
expect you to complete prescribed Connect exercises. There will be two elements to this: exercises
that you are expected to do before and during the time the content is taught, and a quiz that you have
to complete after the content is taught. The marks that you get for these exercises will count towards
your final mark.
The Connect platform has a number of features. There is a pdf version of the book that you can access
on the Amathuba site. This book is like any other pdf document. However, a very helpful feature of
the Connect is the SmartBook. We want you to work through the relevant exercises of the SmartBook
roughly at the same time that the material is taught in the lectures. You need to answer questions
(these could be multiple-choice questions, with either one correct option or multiple correct options,
or “fill-in-the-blanks” or calculations), and indicate your confidence in your answer. The SmartBook
will then “force” you back into the textbook if you are not answering the questions well. You have to
work through the work till you complete it. If you complete the exercise (no matter how long you took,
or how many times you have had to revert to the textbook), you will get 100% for that exercise. If you
do not complete the exercise by the deadline, you will get zero for it.
The Connect platform is there to support you in your understanding of the work. We do not prescribe
how you answer the questions (e.g. individually or in groups), this is essentially a self-learning
experience.
After a section of work has been completed in the lectures, we will post a quiz on the Connect
platform. These quizzes will be different for every student because they are selected from a very large
test bank. You have about 45 minutes to complete the quiz, and you are allowed to take the quiz a
second time if you want to improve your result.
The release of the SmartBook-based exercises and the quizzes and will be announced on Amatuba.
Since this is the first time that we are using the Connect platform, there may be some teething
problems, for which we apologise in advance. By the sixth week of the semester we will announce
how many of the Connect exercises and quizzes will count towards the final mark. For now, we want
to strongly encourage you to do all of the exercises and quizzes. This not only gives you some easy
marks, but also provides good preparation for the tests and the exam.
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WHITEBOARD SESSIONS
In the lectures you are one of hundreds of students. It is unlikely that the lecturer will know your name
or have meaningful interactions with you. In the lectures most of the course content is provided by
the lecturer. The sheer size of the class makes it impractical to have a lot of interaction between
students and lecturers.
The Connect platform is there to support you in your understanding of the work. While we do not
prescribe how you answer the questions (e.g. individually or in groups), this is essentially a selflearning experience.
The whiteboard sessions are different to the exercises that you do on the Connect platform. This is an
opportunity to engage with other students and your tutor in an informal learning session. Your tutor
will be a senior undergraduate student or postgraduate student, who has been carefully selected in
that role. Your tutor is young enough to know what it was like to be a first-year student, yet smart
enough to be really knowledgeable of the subject matter. Your tutor is your closest link between you
and the School of Economics. Build a good relationship with him/her. They have no insight into the
content of tests and the exam, so don’t try your luck on that score.
The head tutor for ECO1010F is Stefanos (Stef) Panagiotidis (eco1010f.2025ht@gmail.com). He is in
charge of the 30-40 tutors that we have for this course. If you have any question about the whiteboard
sessions, or if your tutor is not performing (e.g. not coming to the whiteboard sessions, being late, or
incompetent), please take it up with Stef first. Only approach your lecturer or the convener if you have
discussed the issue with Stef, and it remains unresolved. However, having said this, please act fast if
your tutor is not performing. We do not want to hear that the tutor has been underperforming for
four or five weeks before Stef is made aware of this.
WHITEBOARD SESSION SIGN-UP
Whiteboard sessions will take place every Monday between 08:00 and 16:00 (starting on 3 March
2025) in various venues on Upper Campus. These sessions will be facilitated by a dedicated tutor.
Teaching staff and Stef may occasionally visit your venue.
During the course of the first week of lectures, you will be asked to allocate yourself to a whiteboard
session on Amathuba. Whiteboard sign-up will open on Wednesday, 19 February at 12:00 and
Whiteboard sign-ups will close on Wednesday, 26 February at 13:00. You will receive an Amathuba
announcement from Stef in this regard. The allocation to the whiteboard sessions will be on a first
come, first served basis. If all feasible whiteboard session slots have been taken, please contact Stef
at eco1010f.2025ht@gmail.com so that he can manually place you into a group. Please however note
that this will not happen automatically. You will have to motivate as to why need to be allocated into
a specific time slot or whiteboard group.
Requests for tutorial changes will only be accepted until Wednesday, 26 February 2025 at 13h00. If
you have not signed up for a whiteboard session by the 26 February, you will be automatically
allocated to a whiteboard session and you will not be able to change.
Please note that the whiteboard session you sign up for is the whiteboard session you will be expected
to attend for the entire semester.
The first whiteboard will take place on Monday 3 March 2025 and the final whiteboard will take place
on 19 May 2025.
Page 5 of 17
WHITEBOARD SESSION ATTENDANCE
Attendance at whiteboard sessions is compulsory. Tutors will record attendance during each
whiteboard session. Whiteboard session attendance will count for 5% of your final mark. There are
nine whiteboard sessions planned for this semester (see the calendar). You have to attend at least
eight of the nine whiteboard sessions. You will be awarded 0.625% for each of the whiteboard sessions
that you attend (up to a maximum of 5%).
If you are unable to attend a whiteboard session because you are ill or for any other reason, a makeup whiteboard session will be held on the Friday afternoon in the same week (i.e. four days after the
whiteboard sessions were held on the Monday). If the Friday is a public holiday, the make-up
whiteboard session will be held the previous day (i.e. the Thursday). At this whiteboard session, the
tutor (who is unlikely to be your regular tutor) will record your attendance and this will be uploaded
to Amathuba. The venue of the make-up whiteboard session will be announced on Amathuba in due
course.
Please note that the make-up sessions are the exception, rather than the rule. You will be allowed to
attend a maximum of two make-up sessions during the course of the semester.
We expect you to actively participate at the whiteboard sessions. If you are disengaged, or
substantially late, the tutor has the authority to mark you as absent.
The tutor will upload your attendance onto Amathuba by the Wednesday (at 16:00) after the
whiteboard session on the Monday. Please check the whiteboard attendance register regularly. If you
disagree with your tutor (e.g. you are marked absent, but you actually attended the session), please
take it up immediately with your tutor. We will not entertain claims that refer to attendance more
than two weeks ago.
METHODS OF ASSESSMENT
TESTS
There are two tests for the course. Tests will be written in-person and the venue will be confirmed
closer to the test date. The tests are written in the early evening, usually 18:00. Please monitor
Amathuba and your UCT emails for further details closer to the test dates.
The tests are provisionally set for the following dates:
Wednesday, 9 April 2025
Thursday, 8 May 2025
The tests will consist of multiple-choice questions (MCQs) and written questions.
If you have a test clash with another test, we typically will allow you to write earlier. You will have to
register for this with Rivoningo Baloyi, the course administrator. The details will be communicated on
Amathuba well before the test.
If you are ill, or have a legitimate reason that makes you unable to write the test (e.g. a death in the
family), please read the following section carefully. The rules regarding the missing of tests are as
follows:
Page 6 of 17
Failure to write the test:
a) Students who do not write both tests will have the DP (duly performed requirement) refused,
may not write the exam, and must repeat the course.
b) Students who are unable to complete the tests due to illness must upload a valid medical
certificate on Amathuba.
a. Medical certificates must be handed in between three days before or four days after
the test date. The dates to which the medical certificate applies must include the test
date. A medical certificate that is issued after the test date will not be accepted.
b. Medical certificates will be accepted at the discretion of the course convenor.
c. If a medical certificate is accepted, the weight of the test will be added to the weight
of the exam.
d. If a medical certificate is rejected by the course convenor, then you will receive zero
for the test.
c) DP certificates will be refused to students who miss both tests (irrespective of whether you
have legitimate reasons for not writing), since you are not sufficiently “part of the academic
process”. You may only obtain a medical certificate or other concession for only ONE test.
The department undertakes random tests on the validity of medical certificates. If medical certificates
are found to be either fraudulent or altered, they are referred to the university court.
EXAMINATIONS, SUPPLEMENTARY EXAMINATIONS and DEFERRED
EXAMINATIONS
The final Examination will comprise of MCQs and a written section. It will cover all content covered in
the course. The examination will be written in-person. The date and venue will be confirmed by the
Exams Office.
Students who are unable to write the final examination must apply to write a deferred exam. Students
can find instructions on applying for a deferred exam on the Exams Website (look for the Deferred
Exams Guidelines tab). The course convenor is unable to assist with the process of, or queries relating
to, Deferred Exams.
A Student who receives a mark between 45% and 50% will be eligible to write a supplementary
examination.
The ECO1010F and ECO1110F supplementary/deferred exam will be scheduled during July vacation
2025. This is usually the week before second semester starts. If students do not write this
supplementary/deferred exam, they will be marked as AB and will have to retake the course.
Page 7 of 17
CALCULATION OF YEAR MARK
Test 1
Test 2
Connect: Completed Smart-Book
exercises
Connect: Quizzes post teaching
Whiteboard sessions
Exam
Final mark
Supplementary Exam
% of final mark
17.5%
17.5%
5%
5%
5%
50%
100%
Dates
Wednesday, 9 April 2025
Thursday, 8 May 2025
Continuous
Length of paper
90 minutes
90 minutes
Continuous
Continuous
June 2025
180 minutes
July 2025
180 Minutes
DULY PERFORMED (DP) REQUIREMENTS
In order to be allowed to write the ECO1010F exam, you need to have been adequately part of the
academic process in ECO1010F. To write the exam, you need to be coded as “duly performed” (DP). If
you have not been adequately part of the academic process, you are coded as “duly performed
refused” (DPR). In the latter case, you may not write the exam, and you fail the course.
The DP requirements are as follows:
a) write both tests, except in cases where an exemption has been granted,
b) achieve a year mark of 40%.
You are still able to get a DP certificate even if you do not attend the whiteboard sessions, or do not
do the Connect exercises. However, it is very strongly advised that you attend the whiteboard sessions
and complete the Connect exercises, because these are guaranteed marks.
Please note that in order to pass the course you need to obtain a final mark of 50%. Other than the
40% year mark requirement, there are no sub-minimums. For example, if your year mark is 70% (i.e.,
35/50) you require only 30% (i.e., 15/50) in the exam to pass the course. This also goes the other way.
If your year mark is only 40% (i.e., 20/50), then you require 60% (i.e., 30/50) in the exam to pass the
course.
If you work hard during the semester and obtain a good year mark, you remove a lot of pressure in
the exam. Sadly, the reverse is also true.
Page 8 of 17
STAFF CONTACT DETAILS
Academic Convenor
Prof. Corné van Walbeek
cwalbeek@gmail.com
Lecturers
Prof. Corné van Walbeek
cwalbeek@gmail.com
(Weeks 1 – 9)
Consultation Hours: Thursdays 14:00 – 15:30 (Room 4.06, School of Economics Building, Middle
Campus)
Rinelle Chetty
Rinelle.Chetty@uct.ac.za
(Weeks 10-13)
Consultation Hours: Tuesdays 13:30 – 15:00 (SOE Satellite Office, 3rd Floor, Leslie Social Science)
Connect Specialist
Geraint van der Rede
geraint.vanderrede@uct.ac.za
Course Administrator
Rivoningo Baloyi
eco1010f@uct.ac.za
Head Tutor
Stef Panagiotidis
eco1010f.2025ht@gmail.com
Course Email:
eco1010f@uct.ac.za
If you need assistance, please feel free to contact us, we are here to assist you. Make sure that you
contact the correct person and please DO NOT EMAIL THE ENTIRE TEAM. Specifically, if your query
concerns something about the whiteboard sessions, first approach your tutor. Only contact the head
tutor, the lecturers and the convener (in that order) if you have contacted your tutor, but your query
has not been satisfactorily resolved.
GENERAL INFORMATION
Consultation & queries
•
•
•
•
Academic: lecturers have consultation hours, which will be communicated in the lectures and on
Amathuba. Alternatively, email the lecturers if you need to speak to them.
Sometimes there are a few minutes before or after lectures, where you can talk to your lecturer.
Stef will have consultation hours which will be communicated on Amathuba. Alternatively you can
email him if you would like to speak to her.
Tutors will be available at the whiteboard sessions. You may also email them to set up an
appointment. Remember, however, that tutors are also students and have to manage their own
studies as well.
Page 9 of 17
•
Course-related questions or concessions: email the course convenor at cwalbeek@gmail.com,
with copy to the course administrator at eco1010f@uct.ac.za.
Communication with students
Course announcements and information relating to this course will be emailed (by using your UCT
student e-mail address) to all the students registered for the course using the Amathuba
announcements feature. Please check your e-mails regularly and ensure that your mailbox is not
overfull. We will assume that you read your e-mails on a regular basis.
Some Terms and Conditions for this course
When you engage with this course and its material, please remember the following:
•
•
•
•
All resources provided to you by the ECO1010F/ECO1110F team are for use by students in their
personal capacity while registered for the course.
Documents and videos provided may not be downloaded for third parties and may not be
uploaded to any other social media platforms.
There will be no slandering of lecturers, course staff or the course in general on social media. If
you have an issue, then please contact the relevant lecturer or course convenor
(cwalbeek@gmail.com) or head of department, Prof Efi Nikolaidou (efi.nikolaidou@uct.ac.za) in
order to attend to your complaint.
All interactions on the ECO1010F Amathuba site must be undertaken in a civil and polite
manner. Students may not use slanderous or otherwise inappropriate language when engaging
with this course and its participants.
Page 10 of 17
SOME COMMENTS ON MENTAL HEALTH ISSUES
The UCT School of Economics is aware of mental health issues among students and how they can
affect student performance and overall wellbeing. The academic environment is stressful and may
exacerbate stress and mental health. The following information and resources are intended to help
students navigate their coursework while managing their mental health.
Resources available to you
-
-
-
-
Common mental illnesses or neurodivergence we see in students can include depression,
anxiety, ADHD, bipolar, obsessive-compulsive disorder, personality disorders, eating
disorders, specific learning disorders, Autism spectrum disorder and others.
UCT has a student mental health policy which outlines your rights to privacy, information on
deferred exams, concessions, University responsibilities and other important topics,
Counselling services are available, as part of UCT Student Wellness services which can be
booked online.
Student Wellness psychologists may also refer you to psychiatric services.
Costs: all first-time counselling consultations are free. Thereafter, the cost is R100 per session.
Payment may be added to the student fees account (reflected only as Student Wellness on the
fee statement), or done by EFT, or card. Students will not be denied services if they are unable
to pay. Students who are receiving financial aid from the National Student Financial Aid
Scheme (NSFAS) are not charged for consultations.
All counselling is confidential, and no information will be shared with fee payers.
Counselling services at Student Wellness book up quickly - do not delay in booking an
appointment.
There are specific issues which UCT students are affected by that are related to mental health,
including gender-based violence, trauma, discrimination, marginalisation, and others. The
UCT Office for Inclusion and Change (OIC) offers support for these issues.
The Disability Service, which is part of the OIC, offers help to students with any type of
physical or mental disability. You can email them on disabilityservice@uct.ac.za, and find
them at Level 6, Steve Biko Building, Upper Campus.
How to Register with Disability Services
Students with specific learning disorders, mental health disorders and/or neurodiverse conditions
are strongly encouraged to register with the disability service as soon as possible. This will allow
you to book a consultation where your support needs will be determined, and accommodations and
concessions will be provided to support you to succeed in your studies.
The registration link for Disability Service is: https://forms.office.com/r/3x3GyWgixD. Students
are required to renew their registration every year.
What to do if you are struggling with the course
-
Communicate with your course convenor in time if you are ill and require extensions for
written work or need to submit a medical certificate for a test.
Page 11 of 17
-
-
-
-
-
-
Do not feel shy approaching us - mental illness in students is unfortunately common, and we
have seen many students with similar conditions.
If you are struggling with communication, get a friend or family member to help you - it is
very difficult to help you weeks after a missed assignment or test.
Obtaining an appointment with a mental health professional, whether at Student Wellness
or otherwise, may take longer than the required 7 days for submitting a med note after a
test. Please submit a confirmation of appointment within 7 days of the test, and your MED
status for the test will be confirmed when you finally send through a note from the
professional you see.
You are not required to share any private medical information with a UCT staff member (see
the mental health policy). Medical certificates should suffice to say you have a chronic health
condition, as diagnosed by a registered medical professional.
Mental illness is a chronic condition that can flare up at any time. Obtaining a medical
certificate is not always necessary, especially with a verified accommodations letter (VAL)
from Disability Service.
While staff care about your mental health and are aware of the mental health policy, we are
not trained counsellors. Our role is to be understanding and supportive, allow you reasonable
accommodations, and to direct you to the necessary professional services.
If you encounter discrimination against you based on mental health, please contact the OIC
or Disability Service.
If you have a pre-existing diagnosed condition, please monitor yourself carefully throughout
the semester, take any medications as prescribed, and follow the instructions of your
treatment team.
Mental health is not just about counselling and medication. There are many things you can
do immediately to support your mental health which are free, including: improving sleep,
exercise, outside time, connection with friends or family or other support, listening to music,
meditation, a good diet, following good productivity habits, and others. That said, when you
are ill, you may not be able to do these things, and you should always seek appropriate
medical care when ill.
You may suspect you are suffering from symptoms of mental illness. If so:
1. Seek an appointment with a mental health professional, whether privately or through
student wellness.
2. Educate yourself with information from reputable websites, including:
-
The South African Depression and Anxiety Group, which has information on
many conditions. https://www.sadag.org
- WebMD - this is an excellent description of the various mental illnesses, and
WebMD have many other mental health resources.
3. For all students who are struggling: speak to others, whether in person or online.
Lived experience is valuable and speaking about our experiences helps to normalise
mental illness and reduce stigma.
Finally, know you are not alone. An estimated 20% of South African students need mental
health care. You may hear that you are lazy, insane, or crazy, but in reality you have an
invisible illness that requires medical care and understanding.
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If you or someone else is in a mental health emergency, phone 0800 24 25 26 (toll-free) or
text 31393 for a call-me-back (UCT Student Careline) or contact the UCT services at this link.
Page 13 of 17
LECTURE SCHEDULE
WEEK 1
Mon 17/02
Tues 18/02
IMPORTANT DATES
No lectures
Lecturer: Corné van
Walbeek
NOTES and READINGS
CONTENT
Introduction 1
Van Rensburg et al.,
chapter 1
Wed 19/02
Whiteboard sign-up
opens
Introduction 2
What is economics? The economic perspective
(scarcity and choice, opportunity cost, rational
behaviour, the marginal principle). The
production possibility frontier. Theories,
principle and models.
Macro and microeconomics. Positive and
normative economics. Consumers and
producers. Types of goods. Factors of
production.
Introduction to the Connect platform. The
traditional economic system. The Industrial
Revolution. Income levels over the past 1000
years. “Hockey-stick growth”.
Income inequality between and within countries.
The Gini coefficient.
CONTENT
Thurs 20/02
History of economics 1
Readings by Corné van
Walbeek
Friday 21/02
History of economics 2
WEEK 2
Mon 24/02
Tues 25/02
Wed 26/02
IMPORTANT DATES
No lectures or
whiteboard sessions
Whiteboard sign-up
closes
Thurs 27/02
Friday 28/02
WEEK 3
Mon 03/03
Tues 04/03
IMPORTANT DATES
Whiteboard 1
Gains from trade 1
Van Rensburg et al.,
chapter 18, pp. 419-426.
NOTES
Gains from trade 3
Demand and supply 1
Van Rensburg et al.,
chapter 5
Demand and supply 2
Friday 07/03
IMPORTANT DATES
Whiteboard 2
NOTES
Demand and supply 3
Wed 12/03
Thurs 13/03
Friday 14/03
WEEK 5
Mon 17/03
Tues 18/03
History of economics 3
Economic systems 1
Van Rensburg et al.,
chapter 2
Economic systems 2
Gains from trade 2
Wed 05/03
Thurs 06/03
WEEK 4
Mon 10/03
Tues 11/03
NOTES and READINGS
Demand and supply 4
Demand and supply 5
Demand and supply 6
IMPORTANT DATES
Whiteboard 3
NOTES and READINGS
Demand and supply 7
(McConnell, Brue and
Flynn, international
Adam Smith. Karl Marx
Circular flow model . Laissez faire capitalism. The
command system and its demise. The market
system.
Addressing the five fundamental economic
questions (What? How? and For Whom? And
“How will the system accommodate change?”
and “How will the system promote progress?”)
Absolute and comparative advantage. Showing
the gains from trade in a table and graphically
(using straight-line PPFs).
CONTENT: Unit 3
Showing the gains from trade in a table and
graphically (using straight-line PPFs). Terms of
trade.
The trading possibilities line.
Markets. Demand (law of demand, demand
curve, individual and market demand, demand
vs. quantity demanded, change in demand).
Supply (law of supply, supply curve, supply vs.
quantity supplied, change in supply and quantity
supplied). Market equilibrium.
CONTENT
Market equilibrium. Disequilibrium and the
rationing function of prices.
Changes in demand and supply.
Consumer and producer surplus. Efficiency.
Government intervention in markets (e.g. price
ceilings, e.g. rent controls, and price floors, e.g.
minimum wages, rationing, black markets).
CONTENT
Tariffs on imported goods vs. quotas.
Page 14 of 17
Wed 19/03
version, 23rd edition, pp.
819-822)
Elasticity 1
Van Rensburg et al.,
chapter 6
Thurs 20/03
Elasticity 2
Price elasticity of demand: calculation, point
elasticity vs. midpoint elasticity, interpreting the
value of the price elasticity, elasticity along a
linear demand curve.
Graphical representation of elastic and inelastic
demand curves; total revenue and elasticity;
determinants of price elasticity of demand;
applications of elasticity (crop yields and excise
taxes).
NOTES and READINGS
CONTENT
Elasticity 3
Price elasticity of supply: definition; calculation;
point estimate vs midpoint estimate (the latter
done on the board), the importance of time for
the supply elasticity; applications (antiques and
reproductions, and volatile gold prices).
Cross-price elasticity of demand: calculation;
interpretation; applications; income elasticity of
demand: calculation; interpretation;
applications.
Incidence of a tax levied on a product.
Friday 21/03
WEEK 6
Mon 24/03
Tues 25/03
Human Right’s Day
IMPORTANT DATES
Whiteboard 4
Wed 26/03
Elasticity 4
Thurs 27/03
Elasticity 5
(McConnell, Brue and
Flynn, international
version, 23rd edition, pp.
419-423)
Elasticity 6
Friday 28/03
Incidence of a tax levied on a product, efficiency
losses
VACATION 29/03 – 06/04
WEEK 7
Mon 07/04
Tues 08/04
IMPORTANT DATES
Whiteboard 5
Wed 09/04
Wed 09/04
Thurs 10/04
TEST 1: 17.5%
Friday 11/04
WEEK 8
Mon 14/04
Tues 15/04
Wed 16/04
Thurs 17/04
Fri 18/04
WEEK 9
Mon 21/04
Tues 22/04
Wed 23/04
NOTES and READINGS
CONTENT
Consumer behaviour 1
Van Rensburg et al.,
chapter 3
Consumer behaviour 2
Utility. total utility and marginal utility, marginal
utility and demand.
MCQ and written
Consumer behaviour 3
Consumer behaviour 4
IMPORTANT DATES
Whiteboard 6
NOTES and READINGS
SNAPE DO 2
Consumer behaviour 5
Theory of consumer behaviour; the cardinal
approach, deriving the demand schedule and
curve.
All content up until and including elasticity.
The ordinal framework: Indifference curves,
budget line and equilibrium.
The ordinal framework: Indifference curves,
budget line and equilibrium (continued).
CONTENT
New lecturer: Rinelle
Chetty
Consumer behaviour 6
Production and Cost 1
Van Rensburg et al.,
chapter 4
Deriving the demand curve using indifference
curve analysis. The differences between the
cardinal and ordinal utility approach
Income and substitution effect
Economic costs, explicit and implicit costs;
accounting and economic profit; normal profit as
an implicit cost; the short run and the long run.
Good Friday
IMPORTANT DATES
Family Day
NOTES and READINGS
CONTENT
Production and Cost 2
Short-run and long-run production relationships;
TP, AP and MP; law of diminishing returns.
Short-run production costs; fixed, variable and
total costs; total costs and average costs;
marginal cost.
Production and Cost 3
Page 15 of 17
Thurs 24/04
Production and Cost 4
Fri 25/04
Production and Cost 5
WEEK 10
Mon 28/04
Tues 29/04
IMPORTANT DATES
Freedom Day
New lecturer: Rinelle
Chetty
Wed 30/04
NOTES and READINGS
Pure Competition 1
Van Rensburg et al.,
chapter 7
Pure Competition 2
Thurs 01/05
Friday 02/05
Worker’s Day
WEEK 11
Mon 05/05
Tues 06/05
IMPORTANT DATES
Whiteboard 7
Pure Competition 3
NOTES and READINGS
Relationship between AVC and AP, and between
MC and MP.
Long-run production costs; plant size and costs;
long-run cost curve (planning curve); economies
and diseconomies of scale; minimum efficient
scale and industry structure; applications and
illustrations.
CONTENT
Four market models (perfect competition,
monopolistic competition, oligopoly and
monopoly); characteristics of firms operating in
perfect competition; demand: industry demand
and supply and the perfectly elastic demand, as
seen from an individual firm.
Profit maximisation in the short-run: total
revenue-total cost approach and MR=MC
approach.
Loss minimisation and shutdown; deriving the
short-run supply curve.
CONTENT
Pure Competition 4
(McConnell, Brue and
Flynn, international
version, 23rd edition, pp.
210-218)
Profit maximisation in the long run, no economic
profits made by perfectly competitive firms;
long-run supply curves (constant, increasing and
decreasing cost industries).
Wed 07/05
Pure competition 5
Thurs 08/05
Monopoly 1
Van Rensburg et al.,
chapter 8, and
McConnell, Brue and
Flynn, international
version, 23rd edition, pp.
226-228
MCQ and written
Pure competition and efficiency; productive
efficiency, allocative efficiency, maximum
consumer and producer surplus; dynamic
adjustments.
Pure monopoly; barriers to entry; monopoly
demand; marginal revenue; profit maximisation
using the MR=MC approach; loss-minimisation.
Thurs 08/05
TEST 2: 17.5%
Friday 09/05
WEEK 12
Mon 12/05
Tues 13/05
Wed 14/05
Thurs 15/05
Monopoly 2
IMPORTANT DATES
Whiteboard 8
All content from Consumer theory up until and
including Pure Competition (short-term effects
only).
Profit maximisation using the MR=MC approach;
loss-minimisation; economic effects of monopoly
vs. perfect competition.
NOTES and READINGS
CONTENT
Monopoly 3
Van Rensburg et al.,
chapter 8, and
McConnell, Brue and
Flynn, international
version, 23rd edition, pp.
239-241
Monopoly 4
Price discrimination: conditions for price
discrimination; graphical analysis; economic
effects of monopoly vs pure competition
Monopolistic
competition 1
Regulation of monopolies: natural monopolies;
profit-maximising price vs. socially optimal price
vs. fair-return price.
Characteristics of monopolistic competition;
examples; price and output in monopolistic
competition.
Page 16 of 17
McConnell, Brue and
Flynn, international
version, 23rd edition,
chapter 12
Monopolistic
competition 2
Friday 16/05
WEEK 13
Mon 19/05
Tues 20/05
IMPORTANT DATES
Whiteboard 9
NOTES and READINGS
Wed 21/05
Game theory 1
Notes, based on CORE
Unit 4
Game theory 2
Thurs 22/05
Fri 23/05
Game theory 3
Game theory 4
Long-run equilibrium: the firm vs. the industry;
no economic profit. Economic effects: no
allocative efficiency and no productive efficiency,
but increased product variety.
CONTENT
Introduction to game theory. Basic game tables.
Nash equilibrium. Dominant and dominated
strategies.
Different types of games.
Ultimatum game.
Page 17 of 17